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▼ Messaging App Line Skyrockets in Tokyo Trading as Profits Jump
- Category:Event
TOKYO - Messaging app Line surged in Tokyo trade Thursday, posting its biggest gain since it was first traded on Japan's premier stock exchange in 2016 as the company reported better-than-expected earnings.
Shares in the company best known for its cartoon stickers -- which too-busy-to-text users rely on to communicate -- soared nearly 17 percent to close at 4,880 yen.
The jump came as Line said third-quarter operating profit rose to 5.85 billion yen, handily beating market forecasts of a 4.3 billion yen profit and prompting Deutsche Bank to upgrade its view on the stock.
It was Line's largest one-day percentage rise since last year's dual listing in Tokyo and New York following a $1.3-billion initial public offering, according to Bloomberg.
The Tokyo-listed stock soared 32 percent on its first trading day last year.
On Wednesday, Line said quarterly advertising revenue jumped 41 percent from a year ago, even as active monthly users in key markets Japan, Thailand, Indonesia and Taiwan edged down to 168 million.
The app, which has a relatively small presence in the U.S. and Europe, lets users make free calls, send instant messages and post photos or short videos, along with a host of other paid services.
The app -- launched in 2011 after Japan's quake-tsunami tragedy damaged telecoms infrastructure -- combines features from Facebook, Skype and WhatsApp with games and a mobile payment service.
© 2017 AFP
Shares in the company best known for its cartoon stickers -- which too-busy-to-text users rely on to communicate -- soared nearly 17 percent to close at 4,880 yen.
The jump came as Line said third-quarter operating profit rose to 5.85 billion yen, handily beating market forecasts of a 4.3 billion yen profit and prompting Deutsche Bank to upgrade its view on the stock.
It was Line's largest one-day percentage rise since last year's dual listing in Tokyo and New York following a $1.3-billion initial public offering, according to Bloomberg.
The Tokyo-listed stock soared 32 percent on its first trading day last year.
On Wednesday, Line said quarterly advertising revenue jumped 41 percent from a year ago, even as active monthly users in key markets Japan, Thailand, Indonesia and Taiwan edged down to 168 million.
The app, which has a relatively small presence in the U.S. and Europe, lets users make free calls, send instant messages and post photos or short videos, along with a host of other paid services.
The app -- launched in 2011 after Japan's quake-tsunami tragedy damaged telecoms infrastructure -- combines features from Facebook, Skype and WhatsApp with games and a mobile payment service.
© 2017 AFP
- October 27, 2017
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